People From Seoul

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April 10, 2026

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April 10, 2026

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"Modern monetary theory or Keynesian economic policies...] I'm not a macroeconomist but... those kinds of macroeconomic thinking will become more influential. I wouldn't say dominant because... the current macroeconomic approach [is] a weird mixture of... fiscal conservatives and monetary abandon ...dominant because it serves the powerful interests, so I don't know whether ...the rise of Keynesianism or the monetary theory—which is... certain—will be sufficient to replace the existing [system]... [It is] not just in terms of macroeconomic policy I mentioned that is going to see change. ...[W]e are going to see big changes in the way that we... manage the welfare state, which has implications for taxation policy. ...We are going to see big changes in the structure of production, which will has ramifications for and trade policy. So... it will be in all kinds of areas and hopefully... it will also spill into our approach to fighting . So... it's not just going to be in the macroeconomic area that the conventional wisdom and prevailing orthodoxy are being hit. It's across all areas, reflecting partly the all-encompassing nature about this crisis. So... there will be significant changes, but... whether one economic theory becomes dominant, or at least widely accepted, is in big part a political question. So a lot will depend on how things unfold and how the political elite respond to this."

- Ha-Joon Chang

• 0 likes• people-from-seoul• economists-from-south-korea•
"Opportunity is literally what it is called... [I]f you don't make something out of it, it's not going to produce anything by itself. ...[I]t's very important for citizens to demand, organize, talk about it... How we want to change the society having seen that... we don't all need to be in the office to become efficient workers, can we change the way we organize work? ...Can we work more often from home, if not completely? Can we, in that way, reduce because fewer people will not be ..? All of these things need to be discussed, but... unless we make demands, voice our concerns, it's not going to happen. ...In ...different industries ...the biggest losers will be people who provide face-to-face services. ...[T]his will be a huge problem for many developing countries especially, because a lot... rely heavily on tourism... [T]hat's going to be dead for a few years. Also in developing countries we have this huge informal sector, many of which involve face-to-face services. So when these people do not have customers, how are they going to cope? So in terms of the industry mix... it will depend on the country, but broadly speaking this will negatively affect poor or developing countries with a big service sector, especially informal sector, and countries like the US and the UK which rely on a lot of services, and countries which have a greater strength in manufacturing and material production are going to be relatively better off. So that's my prediction."

- Ha-Joon Chang

• 0 likes• people-from-seoul• economists-from-south-korea•
"... I'm not a fan... First... a lot depends on how you do it. ...Milton Friedman and Friedrich von Hayek were supportive of universal basic income. ...[T]hese are people who say, "Yea, give everyone £9,000" or whatever, and they can do whatever... with that money. They wouldn't starve to death, but everything about that is not society's problem. ...[I]f it is that kind of universal basic income which is... supported by some of the Silicon Valley billionaires, I'm 200% against it. If it is the more progressive form, I still have a problem because... having income is one thing, but... you need affordable high quality services. ...Unfortunately the supporters of universal basic income do not address this aspect... very clearly... So you convert all the... welfare entitlement... in Britain, so... your NHS service... your , the amount of childhood housing benefits, convert them only to cash... then how are people going to buy these? ...[I]s the government then going to wash ...its hands and say now you can go into the private market and buy it? ...[T]hat will be a disaster, because... many of these services are... provided by the government, which is not seeking profit. Of course, a lot of it has become privatized by stealth, but at least in theory... these, NHS and other bodies that provide these social services... are not out to make money, and... they pool the customers and... get the big discounts. There's a scale of economy provision. Instead of single hospitals going to a pharmaceutical company... to buy diabetes drugs for 5,000 people, the NHS can go to these companies... for 17 million people. ...[T]he kind of discount you get.... it's a totally different planet. So... these services are going to be very expensive... even when you give them the same amount of money, they will be able to buy less."

- Ha-Joon Chang

• 0 likes• people-from-seoul• economists-from-south-korea•
"The pandemic has revealed that... poor people—people in marginalized communities—are more prone to contract the disease and die from it because of generally worse health, limited access to health care, and other things that define this unequal society. ...[A] positive way to respond to this is to accept that and find a way to reduce that inequality, and it is already happening in some countries. ...I'm not usually a cheerleader for my own country, South Korea... we have so many shameful world records... the highest suicide rate, the lowest fertility rate... name it, but South Korea has... managed the pandemic really well, first of all because... despite this general aversion to the welfare state, it has a very robust public health insurance. ...So anyone who had problems could... get tested and treated... This is how you manage to keep the death toll under 300, but in that country... because it controlled the health situation so well, it actually didn't go into full lockdown, but still, people were wary of going out and the biggest sufferers from this was... people... running small bars, restaurants, karaoke bars... [T]hese people were very hard hit and... I was... surprised [the country is] talking about universal employment insurance scheme. So... it doesn't matter what your job used to be... Countries are now talking about introducing that covers people who work in any type of company, self-employed people, social platform workers, people working in the . ...[I]f it happens it will be a really progressive change..."

- Ha-Joon Chang

• 0 likes• people-from-seoul• economists-from-south-korea•
"Thirdly and probably... a bit even more importantly, this crisis has made us think "What is really important?" ...[I[n the neoliberal system of thinking... that question doesn't even exist... because... in that system... something's value is... determined by the market. ...[T]his has been one of the key themes of the market economy where they have argued that there is no ethical system that can tell you what is more important and what is less important... [A]ll of these ideas about the that the Classical and Marxist economists have struggled with... are... nonsenses. If someone is that valuable, the market will make... sure... that person gets paid better... [W]hen progressive economists try to argue that there are some services that are essential, that are part of human rights... market economists... poo poo the idea. But now... the UK government is talking about key workers... the American government is talking about essential employees, and most of them are people who, in the market paradigm, were not very valuable... because these were people like—medical doctors are exceptions here—but... nurses... care home workers, people working in supermarkets, delivery people... people who have worked at very low wages, and therefore according to logical market economics... are not very valuable for society. But now we realize that without these people the society cannot be the same. We have also realized more broadly the importance of , unpaid care work and child care, household management, mostly done by women. These have been literally valued at zero because it's not marketed. Now we realize that without this care economy... product sector.., society cannot even exist..."

- Ha-Joon Chang

• 0 likes• people-from-seoul• economists-from-south-korea•